NDIC urges EFCC to return recovered funds

Please share


The Nigeria Deposit Insurance Corporation has urged the Economic and Financial Crimes Commission to return to its coffers the money it recovered on its behalf.

The Managing Director of NDIC, Bello Hassan, said this when he received the Executive Chairman of the EFCC, Ola Olukoyede, at his office in Abuja, according to a statement signed by the NDIC Director of Communication & Public Affairs, Bashir Nuhu, on Friday.

The NDIC boss called for enhanced collaboration in the recovery of depositors’ funds to ensure that liquidation dividends are paid to depositors, whose monies were lost as a result of bank failures.

He, therefore, solicited the return of recoveries made by the EFCC on behalf of the NDIC to the corporation’s coffers to facilitate the timely reimbursement of depositors.

He commended the EFCC for its relentless efforts in the fight against corruption and financial crimes, emphasising the indispensable role it plays as a key member of the Taskforce on Implementation of the Failed Banks Act, which is chaired by the NDIC.

Hassan elaborated on the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk in the EFCC in August 2022, adding that a total of 10 high-profile cases referred to the commission were under investigation.


He noted that the corporation was committed to ensuring that those who contributed to the failure of banks were properly investigated and prosecuted.

According to Hassan, the NDIC plays a critical role in combating financial crimes within the banking sector through its mandate, which includes bank supervision and liquidation of licensed banks, with its objective being to protect depositors’ funds and ensure the stability of the financial system.

Olukoyede, in his comments, emphasised the interconnection between criminal activities and bank failures, urging the NDIC and the Central Bank of Nigeria to intensify oversight to prevent the risk of bank failure.

He pledged the EFCC’s commitment to deepening collaboration and synergising efforts in combating financial crimes, thereby, safeguarding the integrity of the Nigerian banking sector.

Earlier this month, the NDIC said that it had reimbursed depositors of 179 rested microfinance and four mortgage banks across the country.

Leave a Reply

Your email address will not be published. Required fields are marked *